
	Shares Subject to Option	Weighted- Average Exercise or Grant Price Per Share	Average Remaining Contractual Term	Aggregate Intrinsic Value
Balance at January 1, 2025	16,479,169	$54.51	5 years	$	135	million
Annual grant to eligible employees	1,989,760	65.09
Additional options issued	19,390	67.65
Total options granted	2,009,150	65.11
Options exercised (1)	(1,689,734)	42.11		$	38	million
Options canceled	(259,913)	66.82
Balance at June 30, 2025	16,538,672	56.87	6 years	$	186	million

(1)Cash received from options exercised was $27 million and $71 million in the three and six months ended June 30, 2025, respectively. The excess income tax benefit from stock option exercises was $1 million and $5 million in the three and six months ended June 30, 2025.


	Number of Shares	Weighted-Average Fair Value Per Share (4)	Weighted-Average Aggregate Fair Value (3)
Balance at January 1, 2025	4,536,574	$67.76
Annual grant to eligible employees:
Performance share units	1,194,640	69.49
Deferred stock units	826,180	65.09
Additional shares granted (1)	802,146	60.10
Total shares granted	2,822,966	65.53	$	185	million
Vested (2) (3)	(1,428,347)	63.40	$	91	million
Forfeited (2)	(309,086)	69.65
Balance at June 30, 2025	5,622,107	67.64

(3)The income tax shortfall upon vesting of PSUs and DSUs was zero and $1 million in the three and six months ended June 30, 2025, respectively.

(4)The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, so long as the requisite service has been provided.

Effective January 1, 2025, our Board of Directors replaced our prior share repurchase program by approving a program authorizing the repurchase of up to $9.0 billion of our Common Stock through December 31, 2027. Repurchases under the program are determined by management and are wholly discretionary.

During the six months ended June 30, 2025, we repurchased approximately 27 million shares of Common Stock at an average cost of $58.33 per share, or an aggregate cost of approximately $1.6 billion, all of which was paid during the period. All share repurchases were funded through available cash and commercial paper issuances. As of June 30, 2025, we have approximately $7.4 billion in remaining share repurchase capacity.